Tort Reform Part 3: The Triple I Takes Action

While much complaining goes on about tort reform and nuclear verdicts, the Insurance Information Institute (Triple-I) has decided to take action. Triple-I CEO Sean Kevelighan says the first salvo is being fire in Louisiana because the state is among those with the least affordable home and auto insurance.

Kevelighan said frivolous lawsuits and nuclear verdicts are costing insurers millions and that impacts consumers who face much higher rates. Thus the campaign.

“As we continue to see the influence of billboard attorneys preying on vulnerable individuals and increasing insurance costs, now is the time for Louisiana’s legislators to take action to address legal system abuse,” the Triple-I said in its campaign statement.

Digital billboards at bus stop shelters and panels on urban billboards in downtown Baton Rouge are telling people about the danger of nuclear verdicts, the need for serious tort reform and encouraging people to join the fight and courage their legislators to act.

There are also billboards along highways heading into the capital.

“Louisiana, with the leadership of its insurance commissioner, Tim Temple, is on a potential path to stabilizing its insurance market,” Kevelighan said. “We’ve seen in other states, like Florida, that legal reform can lead to market stabilization, increased competition, and more favorable pricing for consumers.”

He also noted the danger to consumers of what he terms, “billboard attorneys” whose practices contribute to frivolous lawsuits.

Source link: Insurance Business America — https://bit.ly/4dE8447